KEY PLAYERS OVERVIEW

Rutile mining - Sierra Rutile Limited (owned by Titanium Resources Group - TRG, which are LSE-AIM listed) holds mining leases of 580 km2 in which 19 separate rutile deposits have been identified; its probable reserves are 259 million tonnes at 1.48% recoverable rutile. The company’s production is approximately 80,000t/y of rutile increasing to 200,000t/y with the second dredge in place and 15,000t/y ilmenite; Dredge D3 will add up to 40,000 TPA to rutile production capacity. A Foundation Fund has been set up by the Company to mobilize funds for community development projects.

Bauxite mining - Sierra Minerals Holdings mines bauxite in the defunct Sieromco Bauxite Mine. The lease covers an area of 321.7 km2 with project facilities at Gondama. Proved and probable bauxite reserves are 12.4M tonnes at 53.1% alumina, which can be increased through prospecting and exploring. About 1.2M tonnes of bauxite is produced annually.

Diamond mining - Koidu Holdings S.A. is wholly owned by BSG Resources Ltd. The company was granted a 25-year Mining Lease over the 4km2 Koidu Kimberlite Project, which hosts 2 kimberlite pipes and at least 4 kimberlite dyke zones. The company also holds the Exploration Licence for the Tongo Diamond Field Project, and have applied for a mining lease to commence operations there. Reserves of deposits down to depth of 500m are: (i) 6.3 million carats at Koidu; and (ii) 3.2 million carats at Tongo. Kimberlite mining operations began in January 2004. In December 2007, there was a riot at the mine which resulted in Government temporarily suspending operations. The suspension has now been lifted to allow the company to recommence operations.

Diamond Exports - The value of diamond exports have grown exponentially since the year 2000 and now exceed $140 million per year, most of this from artisanal mining.

African Minerals Limited (AML) is a mineral and diamond exploration and production company focused on Sierra Leone. They hold 8 prospecting licences (out of 38) covering 26,000 km2, versus an average for other licence holders of approximately 200 km2. The company holds 7 exploration licenses covering (out of 47) 2,100 km2, versus an average of approximately 50 km2. They also hold 1 mining licence for alluvial diamonds in Kono which is currently inactive. African Minerals completed an aeromagnetic survey in 2004 and subsequent exploration programmes and multi-element sampling analysis; resulting in delineating 5 major mineralised finds:

• Gori Hills (Nickel/Cobalt)

• Lovetta – Soa Chiefdom (Uranium)

• Nimini Hills (Nickel)

• Laminaia – Loko Hills (Gold)

• Sula Mountains (Iron Ore)

Artisanal Mining – approximately 2,000 artisanal mining licences are in force.